Zillow Advice: Buying Process - contingency removal

Ask your agent to ask for ...

Wed, 08 Jul 2009 15:34:00 GMT

Ask your agent to ask for a small extension. This happens all the time. Until you have the go ahead from your lender to remove both the appraisal and loan contingencies, I would not as you can lose you deposit. At a minimum, if the appraisal came in at value, you could sign off on appraisal and not on the loan. Still ask for the extension.

All the papers are in but ...

Fri, 03 Jul 2009 01:46:00 GMT

All the papers are in but we have to wait for Monday to find out from the lender, because it's a Holiday tomorrow, I'm just worried and want to know if this is usually how the process goes?

Their is often language in ...

Thu, 02 Jul 2009 23:37:00 GMT

Their is often language in the finance contingency that states if the buyer is unable to obtain financing at X% interest rate the deal is off. You would need to see what was filled in for the X% amount. Obviously if you sign the finance contingency that portion of the contract is waived.

Check your contract. Many ...

Thu, 02 Jul 2009 22:42:00 GMT

Check your contract. Many boilerplate state contracts include a place for interest rate in the financing section.

You have put yourself in ...

Thu, 02 Jul 2009 21:20:00 GMT

You have put yourself in a difficult position. As the loan has been approved, the agent is correct in this request. Apparently you didn't have a contingency for "loan approved AND the buyer is happy with the rates".

Apparently the loan company thinks that you are eligible even if there are minor shifts in the rates.

Get those papers all in today so you can lock your rates sooner rather than later.